Tube Investments signs joint venture with Absolute Speciality

: Tube Investments of India, a Murugappa Group company, has signed a joint venture agreement with Absolute Speciality Foods, for establishment of a new firm TI Absolute Concepts Pvt Ltd, the city-based company said today.
"Tube Investments in pursuant to the Joint Venture Agreement has invested Rs 7.50 crore towards subscription of equity share capital of TI Absolute and the company has been alloted 75 lakh equity shares of face value of Rs 10 each," Tube Investments said in a BSE filing.
Following the joint venture agreement, the company now holds 50 per cent stake of equity share capital in TI Absolute while the remaining 50 per cent was with Absolute Speciality Foods, it said.

Shares of the company were trading at Rs 582 a piece downby 0.83 per cent over previous close in afternoon BSE.